Word on the street is that it’s a so-called sellers’ market. Many of us are wondering whether we should be putting our home or investment property on the market to make the most of it. There’s no denying continued growth over the past 12 months has set 2021 up as a good year for the property market. Some areas are performing better than others and some individual house types are showing better results.
There’s been an obvious trend nationally of buyers choosing lifestyle regions such as ours and transitioning to working from home. While no-one has a crystal ball, economists believe if the government continues to provide economic stimulus and the vaccine is rolled-out as planned, prices will continue to rise, creating the current ‘fear of missing out’. With interest rates at historical lows, and further flexibility in lending, there is plenty of incentive for buyers to continue buying even at higher prices. Listings are limited, so prices are staying strong.
So, should you strike while the iron is hot? Demand is huge, and there is an opportunity for sellers to make money on their house sale, which we haven’t seen in a number of years. We don’t know how long this will last before there is a correction in the market. The rental market is also very tight so it’s important to have a plan of where you will move to if your home sells quickly.
Even if the market can feel a little uncertain, it is important to remember that it is all relative and the market doesn’t stop. There will always be properties being listed and buyers out there wanting to buy. The best time to sell is when you’re ready to sell – consider whether you need to downsize, upsize, relocate, renovate. If it’s an investment property, consider what equity you have, whether there are tax advantages or disadvantages for you. Is it a high maintenance property that will continue costing you money or is it achieving a great return that you can support yourself on? There are a number of personal factors that need to be considered, not just achieving a good price.
If you are seriously considering selling your home, it’s important to speak to a local agent that you can trust. Research your local market to look at the facts, rather than generic eye-catching headlines.